Note 18: Loss per share

Net loss per share is calculated using the weighted average number of shares of common stock outstanding during the applicable period. Basic weighted average common shares outstanding do not include shares of restricted stock that have not yet vested, although such shares are included as outstanding shares in the Company’s Consolidated Balance Sheet. Diluted net earnings per share is computed using the weighted average number of common shares outstanding, and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the additional common shares issuable with respect to restricted share awards, stock options and convertible preferred stock.

Potentially dilutive securities totaling approximately 4.8 million and 5.2 million shares, respectively, were excluded from the calculation of diluted net loss per share for the years ended January 1, 2022 and January 2, 2021 because the effects were anti-dilutive based on the application of the treasury stock method.